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<ul class="summary-list"><li>The G7 summit is exposing a crisis of Western authority, experts say.</li><li>Far-right parties are gaining ground in several countries, and leadership appears to be weakened. </li></ul>The <a target="_blank" href="https://www.businessinsider.com/biden-ukraine-security-deal-hollow-pledge-putin-ceasefire-russia-us-2024-6">G7 summit</a> has long been a showcase of global leadership and power.The world's seven largest "advanced" economies — the US, Canada, France, Germany, Italy, Japan, and the UK — gather each year to discuss issues such as the economy, security, and trade.But 2024's group of leaders appears to be one of the weakest that has attended the summit for some time.As <a target="_blank" href="https://www.politico.eu/article/g7-giorgia-meloni-2024-rome-emmanuel-macron-rishi-sunak-joe-biden-russia-ukraine/">Politico</a> noted, many of the attendees are distracted by domestic issues that are threatening their authority and grip on power.This year's cohort shows that there is a "crisis of Western authority," according to Inderjeet Parmar, a professor of international politics at City University of London.<h2 id="55e7fbd8-0635-4b37-9bc3-908aef0c02d7">A threat to power</h2>Political instability and uncertainty are rampant, from the recent <a target="_blank" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">surge of support for the far-right</a> at the EU Parliamentary elections to the controversies on both sides of the <a target="_blank" href="https://www.businessinsider.com/donald-trump-hunter-biden-convictions-damaged-us-reputation-2024-6">US presidential campaign</a>.Among those facing challenges to his authority is France's president, Emmanuel Macron. He is just days away from a <a target="_blank" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">snap election</a>, which many think could end his current coalition.Macron called the election after a big win for his rival Marine Le Pen's National Rally party at the <a target="_blank" rel="" href="https://www.businessinsider.com/european-union-parliament-election-far-right-nationalist-parties-2024-6">European parliamentary elections</a>. Macron's centrist alliance secured a 14.6% vote compared to the far-right National Rally's staggering 31.4%.Similarly, German chancellor Olaf Scholz's Social Democrats party recently suffered an embarrassing blow after the center-right party, Christian Democrats, rallied enough seats to sweep past the Social Democrats at the European elections.Meanwhile, in the UK, the prime minister, Rishi Sunak, appears to be on course for a heavy <a target="_blank" href="https://theconversation.com/our-reliable-election-forecast-model-predicts-british-conservatives-will-lose-big-231790">election loss</a> next month.<div type="image" title="French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, U.S. President Joe Biden, and Japanese Prime Minister Fumio Kishida at the G7 summit." height="683" width="1024" msid="111003639" hostid="261" sizebytes="85322"></div>Andrew Payne, a City University of London lecturer in foreign policy, told Business Insider that it would be difficult for some leaders to make "credible commitments on trade, sanctions, or any other issue of international significance" at this year's summit."When you're not sure if the person across the table is still going to be in office next month, or next year, you might think twice about striking a long-term agreement," Payne said.Meanwhile, the <a target="_blank" href="https://www.businessinsider.com/donald-trump-hunter-biden-convictions-damaged-us-reputation-2024-6">US' global reputation has suffered in recent months</a>. Donald Trump and Hunter Biden's respective criminal convictions have undermined the country's brand, regardless of who wins the Oval Office in the upcoming election, according to Payne and Parmar."The USA, as the world's pivotal state, at the heart of the G7 and its liberal international order, has candidates for the White House in November who are unpopular, and one of them is a convicted felon leading what is a far-right political party that threatens to wreak vengeance on its political opponents," Parmar said.<h2 id="1b1fbd61-741a-4d9c-a0ea-c529f41812d1">'Brittle at best'</h2>Payne argued that some of the G7 leaders aren't outright weak; rather, they face circumstances that threaten their authority."This is largely the same group of leaders that initiated or maintained an unprecedentedly strong response to Putin's invasion of Ukraine, for example," Payne said."But in a democracy, leaders are only as strong as their domestic foundations allow them to be, however bold their foreign policy visions may be. And right now, the domestic foundations of most of the G7 leaders are brittle at best," he added.

The leaders at this year's G7 summit look weaker than ever

<ul class="summary-list"><li>Kamala Harris' advisors said she struggled to dig herself out of a hole.</li><li>Joe Biden put Democrats in a difficult position entering the 2024 race.</li></ul>President Joe Biden may have dropped out of <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">2024 race</a>, but voters never forgot about their strong disdain for the his record."In general, for a Democratic candidate running in this environment, I think that would be challenging," Doug Sosnik, a longtime advisor to Bill Clinton, told Business Insider. "Then, obviously, if you're the vice president of the administration, that makes it even harder."There's ample data Americans remain angry about the country's direction. It was Harris who had to pay the bill for lingering frustrations over the COVID-19 pandemic and <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">the high prices</a> that came when the virus began to recede.APVoteCast, a survey of over 120,000 voters nationwide, found that more than half of voters wanted to see substantial change. A CNN exit poll found that voters gave Biden a -19 point approval rating. Among those who didn't approve of the president, Trump won 82% of them.Harris had a much more manageable -5 point approval rating, but despite her campaign's efforts to portray Trump as unelectable, he was just a couple of points higher at -7. Throughout the 2024 race, Trump posted some of his highest approval numbers since he launched his first presidential run in 2015."We dug out of a deep hole but not enough," Harris senior advisor and Obama 2008 campaign manager David Plouffe wrote in a now-deleted post on X. In the early recriminations about the 2024 race, there's a sense that Harris struggled to distance herself from <a target="_blank" class="" href="https://www.businessinsider.com/trump-biden-maga-supporters-puerto-rico-election-2024-10">Biden</a> — a difficulty best summed up by a moment during her appearance on "The View" that was quickly clipped by Trump's team for its closing message."There is not a thing that comes to mind," Harris said when asked if there was anything she would have differently than Biden during his presidency.Evan Roth Smith, the lead pollster at BluePrint, said there's no doubt that Biden's unpopularity impacted Harris."It is very clear that Kamala Harris's association with Joe Biden and the Biden-Harris administration hurt her," Roth Smith said. "It is less clear to me that even if she had erased all of that, she would've been able to win this election."<h2 id="71b6be27-681d-492f-a79d-fc91229d0dd6">Harris swam against a global tide.</h2>This was an unusual race. Trump will soon become only the second former president to reclaim the White House. In an era of endless campaigning, Harris had barely over 100 days to wrap up a major nomination and reintroduce herself to the American people. Trump experienced violence unseen in the United States in decades as a would-be assassin's bullet missed him by just inches.And yet, the main storyline sounds strikingly similar. Throughout the Western world, incumbents have been unceremoniously booted from office by angry electorates. It happened to British Prime Minister Rishi Sunak and his Conservative Party. Even ruling parties that clung to power in places like South Korea and Germany suffered massive setbacks. Under this lens, Biden's unpopularity made sense because his counterparts in the G7 were in the same boat.<h2 id="c73380e3-41f1-4b5d-bdd1-1813c305db90">Democrats didn't have a competitive presidential primary.</h2>Biden didn't debate until he entered the general election. As leader of the Democratic Party, Biden used his perch to fundamentally reshape the nomination fight — pushing out the Iowa caucuses and New Hampshire primaries, the former of which had embarrassed him multiple times over his long career.Unlike his predecessors, Biden never squarely confronted the type of midterm shellacking that would have further pressured Democrats to address the future of the octogenarian in the Oval Office. In retrospect, the 2022 midterms — when fears of a "red wave" never fully materialized — gave Democrats some false hopes. Biden then seized the opportunity to abandon his commitment to serve as a bridge to the next generation.Entering the campaign, Biden had much more in common with presidents who were voted out from office than those who were able to win reelection.A pre-election Gallup Poll showed how dour Americans' moods were when asked the question, "Would you say you and your family are better off now than you were four years ago?" More than half of adults (52%) said they were worse off, even greater than in September 2020, when the pandemic raged. The last time it was that bad was in 1992, when incumbent President George H.W. Bush lost to Bill Clinton.After his disastrous debate performance, Biden tried to position his decision to step aside amid a concerted pressure campaign as an act of selflessness. Instead, he will likely be dogged by questions about why he insisted on hanging on for as long as he did.<h2 id="51af1ba2-5509-4928-8c5b-0abb87d7c198">It wasn't just Biden's past that haunted Harris.</h2>Harris' record, namely the progressive positions she took during the 2020 Democratic primary campaign, came back to bite her. She struggled to explain how she could change her views so drastically on fracking, immigration, and on Medicare for All as she <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-democratic-national-convention-speech-election-2024-8">sprinted toward the center.</a>"People went on record saying all sorts of things on the advice of activists, advocates, pundits, and sometimes pollsters, that catered to the left-wing of the party, the base of the party," Roth Smith said. "And guess what? Voters didn't forget. The Trump campaign didn't forget."Republicans say it wasn't just Biden's record or Harris' past that turned the race. Voters across the country and demographics showed a dramatic openness to the GOP."It was a historic victory, and it was a complete and utter repudiation of both Kamala Harris and the Democratic Party's platform and positions," Ryan Ryan Williams, who worked on Mitt Romney's 2012 campaign, told Business Insider. "Voters simply are not buying what they're selling. They don't want it."

Harris couldn't escape Biden's unpopularity

<ul class="summary-list"><li>Former first lady Melania Trump has remained an enigmatic figure since Donald Trump entered politics.</li><li>Born in Slovenia, she moved to the US for her modeling career and became a naturalized citizen.</li></ul>Former first lady Melania Trump has remained an enigmatic figure since her husband, former President Donald Trump, launched his political career.Born in Slovenia, she moved to the US to pursue modeling and made history as the first naturalized citizen to become first lady. During her time in the White House, she focused on children's health and well-being with her <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-be-best-campaign-details-2018-5">Be Best</a> initiative and sparked controversy with her fashion statements.A self-described "private person," she has rarely campaigned or granted interviews.Here's a look at Melania Trump's life, career, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-melania-stormy-daniels-affairs-marriages-timeline-2018-3">marriage to Donald Trump</a>.<h2 id="90192e5d-5ca1-4083-a84e-9bdc2fd369e0">Melania Trump's early life and upbringing</h2>Melania Trump, 54, was born Melanija Knavs on April 26, 1970, in Novo Mesto, Slovenia, which was then part of Yugoslavia. Her mother, Amalija Knavs, worked in the fashion industry as a patternmaker at a textile factory. Her father, Viktor Knavs, was a car salesman. She has one sister, Ines Knauss, and a half-brother, Denis Cigelnjak.<div type="image" title="Melania Trump's childhood home in Sevnica, Slovenia." height="683" width="1024" msid="113883421" hostid="261" sizebytes="139624"></div>Melania Trump has said that she speaks English, Italian, French, and German in addition to her native Slovenian.<h2 id="80d16b8c-8bfb-49fb-bfa0-b0593462b604">Melania Trump's modeling career</h2>At 5 feet 11 inches tall, Melania Trump was scouted by photographer Stane Jerko in Slovenia in 1987. She dropped out of architecture school to pursue modeling, appearing on runways in Paris and Milan before moving to the US on a tourist visa in 1996.Melania Trump posed nude for photos that appeared in a French edition of GQ in 1996. The New York Post resurfaced the photos in 2016 during <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-book-claims-roger-stone-behind-leaked-nudes-2019-12">Donald Trump's presidential campaign</a>. She also posed nude on Donald Trump's Boeing 727 private plane for GQ in 2000. That same year, she appeared in the swimsuit issue of Sports Illustrated.<div type="image" title="Melania Trump poses in front of the Sports Illustrated swimsuit issue." height="874" width="1165" msid="113883415" hostid="261" sizebytes="76730"></div>In a post on X in 2024, Melania Trump said that she stands proudly behind her <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-nude-modeling-honor-bodies-memoir-2024-9">nude modeling work</a>, calling it a "celebration of the human form.""Throughout history, master artists have revered the human shape, evoking profound emotions and admiration," she said. "We should honor our bodies and embrace the timeless tradition of using art as a powerful means of self-expression."<h2 id="3c9a5fc7-9e8e-46a3-a620-e7b209c1edd2">Melania Trump's citizenship and immigration</h2>Melania Trump became a <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-immigrant-first-lady-speech-national-archives-2023-12">naturalized US citizen</a> in 2006 and is the first naturalized citizen to serve as first lady of the United States.Speaking at a naturalization ceremony at the National Archives in a rare public appearance in 2023, she recalled navigating a "labyrinth" of paperwork while obtaining her worker visa and becoming a US citizen.<div type="image" title="Melania Trump speaks at the National Archives" height="683" width="1024" msid="113883416" hostid="261" sizebytes="29192"></div>Melania Trump is the second first lady to be born outside the US. The first was Louisa Catherine Adams, the wife of President John Quincy Adams.<h2 id="8b5da627-c413-4b6c-b9e0-5ab233e59561">When Melania Trump met Donald Trump</h2><a target="_blank" class="" href="https://www.businessinsider.com/donald-melania-trump-relationship-timeline-2018-11">Melania and Donald Trump</a> met in 1998 when she was 28 years old at a party thrown by their mutual friend, Paolo Zampolli. At the time, Donald Trump was separated from his second wife, Marla Maples. Their divorce was finalized in 1999.The couple briefly broke up in 2000 but reconciled a few months later. Donald Trump proposed in 2004 with a 15-carat, $1.5 million engagement ring.<h2 id="54bf411f-9848-4517-880a-e66f0f7a9622">Melania Trump's marriage to Donald Trump</h2><a target="_blank" class="" href="https://www.businessinsider.com/trump-family-weddings-photos-details-2022-11">Melania Trump and Donald Trump's wedding</a> took place on January 22, 2005.The ceremony was held at the Bethesda-by-the-Sea Episcopal Church in Palm Beach, Florida, and Donald Trump's <a target="_blank" class="" href="https://www.businessinsider.com/inside-trump-mar-a-lago-club-photos-2018-1">Mar-a-Lago club</a> hosted the reception. <a target="_blank" class="" href="https://www.businessinsider.com/first-ladies-wedding-dress-photos-2020-9">Melania Trump's wedding dress</a> was designed by Christian Dior and embellished with 1,500 crystals and pearls.They welcomed a son, Barron Trump, in 2006.<div type="image" title="Donald Trump and Melania Trump at Mar-a-Lago." height="715" width="1024" msid="113883417" hostid="261" sizebytes="74640"></div>Adult film star <a target="_blank" class="" href="https://www.businessinsider.com/who-is-stormy-daniels-porn-star-affair-donald-trump-2018-1">Stormy Daniels</a> said that she had an affair with Donald Trump after Melania Trump gave birth in 2006. In the first-ever criminal trial of a former US president, <a target="_blank" class="" href="https://www.businessinsider.com/trump-hush-money-trial-verdict-2024-5">Donald Trump was found guilty</a> on all 34 counts of falsifying business records to cover up a $130,000 hush-money payment made to Daniels 11 days before the 2016 election. Donald Trump has denied ever having an affair with Daniels.After The Wall Street Journal broke the news of the <a target="_blank" class="" href="https://www.businessinsider.com/trump-role-stormy-daniels-mcdougal-payments-michael-cohen-2018-11">alleged affair</a> in 2018, Melania Trump retreated from public appearances. She canceled a trip to Davos, Switzerland, that she was scheduled to make with Donald Trump and flew to Mar-a-Lago instead. She also did not acknowledge their wedding anniversary or <a target="_blank" class="" href="https://www.businessinsider.com/melania-trumps-stormy-daniels-valentines-day-silence-2018-2">Valentine's Day</a> on social media as she had in past years. Upon returning to the White House, the Trumps broke protocol by arriving separately to board <a target="_blank" class="" href="https://www.businessinsider.com/melania-donald-trump-break-tradition-following-affair-allegations-2018-2">Marine One</a>.<a target="_blank" class="" href="https://www.businessinsider.com/melania-humiliated-trump-affairs-former-aide-stormy-daniels-2023-4">Stephanie Winston Wolkoff</a>, who was friends with Melania Trump for 15 years, told Page Six that silence is the former first lady's "weapon of choice and her protective armor."<h2 id="28292c1c-d166-46fc-b23d-e6d2a08032ad">Melania Trump's time as first lady</h2>Melania Trump largely remained away from the campaign trail during Donald Trump's 2016 presidential run, but caused controversy when she appeared to copy parts of her speech at the Republican National Convention from <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-takes-center-stage-night-one-gop-convention-2016-7">Michelle Obama's 2008 Democratic National Convention speech</a>.She continued to keep a low profile when Donald Trump was elected to the White House, <a target="_blank" class="" href="https://www.businessinsider.com/melania-barron-trump-white-house-2016-11">staying behind in New York City</a> with their son, Barron, so that he could finish the school year.As first lady, Melania Trump spearheaded Be Best, a campaign focused on promoting children's health and well-being, combating online bullying, and educating communities about opioid addiction. She also visited Ghana, Kenya, Malawi, and Egypt on a solo trip focused on children's health in 2018.<div type="image" title="Melania Trump speaks in the White House Rose Garden with a &quot;Be Best&quot; banner in the background." height="1382" width="2000" msid="113883422" hostid="261" sizebytes="55656"></div>She often appeared in sunglasses that obscured much of her face, sparking an unsubstantiated <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-secret-service-agent-body-double-conspiracy-2017-10">conspiracy theory</a> that she had a body double who would stand in for her at events. Melania Trump's then-spokesperson, <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-stephanie-grisham-book-falling-out-2021-10">Stephanie Grisham</a>, debunked the theory, and Donald Trump slammed reports about the rumors, saying that "fake news" was "only getting more deranged with time!"Melania Trump occasionally wore outfits that proved controversial. In 2017, she wore a $51,500 Dolce &amp; Gabbana jacket at the G7 Summit in Italy that garnered criticism for its steep price tag. She was also criticized for wearing Manolo Blahnik pumps to board Marine One on her way to visit sites impacted by Hurricane Harvey.<div type="image" title="Melania Trump gets into an SUV wearing a green jacket with white writing on the back that reads, &quot;I really don't care, do U?&quot;" height="1000" width="1500" msid="113883419" hostid="261" sizebytes="113964"></div>In 2018, Melania Trump attracted more controversy when she flew to Texas to visit children at a government immigration facility while wearing a <a target="_blank" class="" href="https://www.businessinsider.com/first-ladies-fashion-controversial-outfits-2021-10">Zara jacket that read "I really don't care, do U?"</a>Grisham told Business Insider at the time, "It's a jacket. There was no hidden message."Months later, Melania Trump told ABC News that the message was directed at "the <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-says-she-may-be-the-most-bullied-person-in-the-world-2018-10">left-wing media</a> who are criticizing me," which she said may make her the "most bullied person in the world."<h2 id="c413b8db-6005-4bb6-af07-8302254e25e9">Melania Trump's post-White House life</h2>Donald Trump and Melania Trump skipped President Joe Biden's inauguration in 2021 and moved back to Mar-a-Lago. The Palm Beach club remained her primary residence, though she made occasional visits to Trump Tower in New York City.She attended <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-running-for-president-2024-campaign-announcement-2022-11">Donald Trump's presidential campaign launch</a> event in 2022, but did not join her husband at most campaign stops and rallies.<div type="image" title="Melania Trump enters Trump Tower wearing a black top and brown skirt, carrying a Chanel bag." height="1459" width="1945" msid="113883423" hostid="261" sizebytes="97100"></div>Donald Trump addressed <a target="_blank" class="" href="https://www.businessinsider.com/melania-refused-to-campaign-but-will-soon-according-to-trump-2023-9">Melania Trump's absence</a> on "Meet the Press" in 2023, telling moderator Kristen Welker, "She's a private person, a great person, a very confident person, and she loves our country very much.""And honestly, I like to keep her away from it," he said of the campaign trail. "It's so nasty and so mean."In 2023, she attended <a target="_blank" class="" href="https://www.businessinsider.com/melania-trump-attends-rosalynn-carter-funeral-former-first-ladies-2023-11">Rosalynn Carter's funeral</a> along with former first ladies Hillary Clinton, Laura Bush, and Michelle Obama.In a rare joint appearance, she accompanied Donald Trump to vote in Florida's 2024 primary election.<div type="image" title="Donald Trump and Melania Trump" height="1667" width="2500" msid="113883425" hostid="261" sizebytes="238076"></div>Melania Trump attended the final night of the <a target="_blank" class="" href="https://www.businessinsider.com/republican-national-convention-rnc-biggest-moments-speeches-photos-2024-7">2024 Republican National Convention</a> and joined Donald Trump onstage after his address, but did not give a speech herself.She did not appear in the courtroom during <a target="_blank" class="" href="https://www.businessinsider.com/jill-biden-and-melania-trump-have-different-trial-attendance-strategies-2024-6">Donald Trump's hush-money trial</a>.<a target="_blank" class="" href="https://www.businessinsider.com/melania-conspiracy-trump-assassination-attempt-book-promotion-video-2024-9">Melania Trump's memoir</a>, titled "Melania," is due to be released on October 8, 2024."As a private person who has often been the subject of public scrutiny and misrepresentation, I feel a responsibility to clarify the facts," she said in a post on X.<h2 id="53f3967d-b8b6-4432-905c-328d5ef25bb3">Donald Trump and Melania Trump's net worth</h2>Melania Trump's individual net worth is unclear, but Donald Trump was worth an estimated $3.9 billion as of October 2024, according to <a target="_blank" class="" href="https://www.forbes.com/profile/donald-trump/">Forbes</a>.

What to know about Melania Trump's life, career, and marriage to Donald Trump

<ul class="summary-list"><li>According to the FT, the EU plans to raise billions to help Ukraine by the end of the year.</li><li>It comes after plans to use profits from Russia's frozen funds to help Ukraine fell short.</li></ul>The EU is preparing to provide up to $45 billion in loans to Ukraine within the next four months, according to a <a target="_blank" class="" href="https://www.ft.com/content/0684416f-58c6-4c76-ae54-140d34e30f67">report in the Financial Times</a>.The move comes after a plan to use profits from <a target="_blank" class="" href="https://www.businessinsider.com/russia-frozen-reserves-funds-us-sanctions-g7-ukraine-aid-outlook-2024-8">Russia's frozen funds </a>to help Ukraine ran into roadblocks."We will do whatever we can to support Ukraine, regardless of decisions in Washington," Josep Borrell, vice president of the European Commission, told reporters <a target="_blank" class="" href="https://www.businessinsider.com/russia-frozen-reserves-funds-us-sanctions-g7-ukraine-aid-outlook-2024-8">last month.</a> "Ukraine needs to boost their defense capacities — and they need it now."The International Monetary Fund <a target="_blank" class="" href="https://www.imf.org/en/About/FAQ/ukraine">estimated last year</a> that Ukraine faced a $38 billion gap in its finances in 2025. As such, it relies on help from the US and its Western allies to help fight off Russia's invasion.<a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russian-frozen-assets-ukraine-war-loan-50-billion-g7-retaliation-2024-6?_gl=1*uirz7r*_ga*OTU5MjMzODYwLjE3MjE2NTc0Nzg.*_ga_E21CV80ZCZ*MTcyNjU2NjY1NS44OS4xLjE3MjY1NjcxNTUuNTEuMC4w">In June</a>, the G7 countries agreed to fuel the Ukrainian war effort with $50 billion, using interest from $300 billion worth of frozen Russian assets situated in the EU and surrounding areas.The FT report said that officials involved in the talks are now worried that Hungary would prove a hindrance to this plan.The US <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/06/14/fact-sheet-the-2024-g7-summit-in-apulia-italy/#:~:text=Unlocking%20%2450%20billion%20for%20Ukraine,European%20Union%20and%20other%20jurisdictions.">had said</a> it planned to release the loan by the end of the year, but the idea came with several potential liabilities, including the possibility that the assets could be unfrozen in six months, leaving the allies in a bind regarding the loan repayment.EU law says it requires unanimous support to extend sanctions every six months, which means that a single country — like the historically pro-Russian Hungary — could derail the G7 plan entirely.The FT said Hungary's Prime Minister Viktor Orbán wants to delay a decision on the loan until after the US election in November, which would be very late for the EU to start moving on a Plan B.Alternatively, the latest plan involves extending Ukraine's standing support package, a move that will only require majority support instead of unanimity and can bypass a potential Hungarian veto.The FT said the report aimed to adopt the proposal "before the end of October " so that the loan could be released by the end of the year.As BI's Sinead Baker previously <a target="_blank" class="" href="https://www.businessinsider.com/hungary-wants-nato-membership-change-doesnt-have-to-help-ukraine-2024-5">reported</a>, Hungary has sought to limit Western and NATO support for Ukraine throughout Russia's invasion.For instance, it doesn't send weapons to Ukraine, and it spent months blocking billions in European Union funds for the country before eventually allowing it to proceed in February.The current Hungarian ambassador to the US did not immediately respond to a request for comment from BI.

The EU may be prepping to lend Ukraine up to $45 billion — with or without the US

<ul class="summary-list"><li>Russia's benchmark crude is fetching roughly $75 a barrel, well above the G-7's $60 price cap, Bloomberg reported. </li><li>Urals crude reaching India trades at $88 a barrel, while oil leaving from eastern Russia sells for $84 a barrel.</li></ul>The price of Russian oil is blowing past the <a href="https://www.businessinsider.com/russia-economy-crude-oil-g7-price-cap-war-sanctions-swift-2023-7#:~:text=A%20%2460%2Da%2Dbarrel%20price,lid%20on%20red%2Dhot%20inflation.">$60 a barrel cap set by G-7 countries</a>, highlighting the difficulty the West has had in curtailing energy revenues that have been used to fund Russia's war against Ukraine. Citing data from Argus Media, <a href="https://www.bloomberg.com/news/articles/2024-04-10/russian-oil-is-once-again-trading-far-above-the-g-7-s-price-cap-everywhere" target="_blank" rel="noopener">Bloomberg reported</a> on Wednesday that Moscow's benchmark Urals crude is fetching roughly $75 a barrel as it leaves Baltic Sea and Black Sea ports. The sharp price increase and sustained levels above $60 for Urals crude throughout the year cast doubt on the West's attestation process, which is meant to document and ensure that cargo costs remain at $60 per barrel or below. A senior US Treasury official told Bloomberg that the price increase is probably due to broader geopolitical dynamics, and the cap is still effective in reducing Kremlin revenue from oil sales, pushing the commodity to be sold under the cap via Western services or through Russia's shadow fleet, which the US is eyeing for sanctions. Urals crude reaching India trades at $88 a barrel, while oil leaving from eastern Russia sells for $84 a barrel, trading well clear of the price cap for about a year.However, according to Argus, sanctions have still affected Russia, with significant freight costs directly linked to sanctions. The falling export prices made deliveries to Asia considerably more expensive compared to deliveries to Europe, and sanctions have added as much as $8.79 per barrel to delivery costs for Urals cargoes to India or China.Since October, the US Treasury has been preparing to penalize breaches of the price cap. However, Bloomberg said given concerns about disrupting crude flow and increasing prices, the recent surge in Brent futures to around $90 a barrel may delay action.

Russian oil flows are sidestepping sanctions and trading above the G-7 price cap all over the world

<ul class="summary-list"><li>Germany's draft budget for 2025 would cut military aid to Ukraine by half.</li><li>It's not yet final, and that amount may well increase.</li></ul>A draft budget approved by Germany's government shows the country is planning to halve its military aid to Ukraine next year.The draft budget slashes the amount promised to Ukraine to $4.35 billion in 2025, compared to the roughly $8.14 billion it is receiving this year, <a target="_blank" class="" href="https://www.reuters.com/world/europe/germany-halve-military-aid-ukraine-despite-possible-trump-white-house-2024-07-17/">Reuters reported</a>.At a press conference on Wednesday, German Finance Minister Christian Lindner pointed to a <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/cllldqyg19ro">$50 billion loan</a> that the G7 agreed in June, using frozen Russian assets, as well as other European funding agreements.Lindner said these have "secured" Ukraine's financing "for the foreseeable future," according to Reuters.A spokesperson for the finance ministry told Business Insider that Germany "expects that the military needs of Ukraine will mostly be met by these G7 measures."The budget is far from final, and Rafael Loss, a Berlin-based policy fellow at the European Council on Foreign Relations, told BI that the seemingly draconian budget may not ultimately result in vastly reduced funding for Ukraine.Nonetheless, the move has alarmed onlookers to the Ukraine war, and comes at a time when US support looks less clear under a potential Donald Trump presidency.<h2 id="cd230673-ee53-484d-83a2-3750167193cf">A 'Hail Mary' budget</h2>This year's draft budget is a "hard compromise" — a product of Germany's government trying to please a wide range of people with a "Hail Mary" ahead of an election year, Loss told BI.<a target="_blank" class="" href="https://www.politico.eu/article/germany-war-slashes-funds-ukraine-russia-savings-aid-drat-2025-budget-defense-deal/">Politico reported</a> that it was the product of all-night negotiations between the government's diverse coalition.The budget will only be finalized by parliament, "probably in November this year," the finance ministry spokesperson told BI.Last year, Germany's draft budget for Ukraine started out with just $4.35 billion earmarked, but after passing through parliament, by the end of the year <a target="_blank" class="" href="https://www.france24.com/en/europe/20231116-germany-hikes-ukraine-military-support-but-is-its-defence-spending-tilt-tenable">it had doubled</a>.Loss said that it's "very likely" that the $4.35 billion in the current budget "will not be the final numbers.""I can see a way for Ukraine to at least receive the amounts of aid that it has received in the past," he said.<h2 id="9e039525-d4b7-4e28-bc91-3d503345c30c">A 'home run' for Trump</h2>Loss said it's "very likely" that Trump could use the announcement as a political stick.Trump could latch onto the news as a sign that European countries are relying on the US to pick up the slack — an argument he's <a target="_blank" class="" href="https://www.businessinsider.com/trump-didnt-scare-nato-defense-spending-putin-did-experts-2024-2">repeatedly made regarding NATO defense spending</a>.There are <a target="_blank" href="https://www.businessinsider.com/trumps-running-mate-jd-vance-ukraine-worst-nightmare-analysis-2024-7">fears</a> that Trump will scale back <a target="_blank" href="https://www.businessinsider.com/trump-will-not-give-penny-more-to-ukraine-orban-russia-2024-3">or even totally halt</a> US aid to Ukraine."It's a home-run message for the MAGA camp that America needs to stop subsidizing European security," Loss said.And Trumpworld doesn't need much persuading on that front.In a recent interview, Trump's vice presidential pick, JD Vance, <a target="_blank" class="" href="https://kyivindependent.com/jd-vance-opposes-military-aid-nato-membership-for-ukraine-hes-now-trumps-vp-pick/">said</a>: "I gotta be honest with you, I don't really care what happens to Ukraine one way or the other."<h2 id="f38322d5-8ac6-4175-9a19-f88b6733ecb9">'Why shouldn't others follow suit?'</h2>Outside of the US, there's also a potential ripple effect in Europe."The optics are, of course, terrible," Loss said. "A lot of eyes are on Germany when it comes to boosting European defense capability."<a target="_blank" class="" href="https://www.ifw-kiel.de/topics/war-against-ukraine/ukraine-support-tracker/">Germany is the second-biggest donor country</a> by volume of military aid to Ukraine and is Europe's biggest economy.In recent months, German Chancellor Olaf Scholz has <a target="_blank" class="" href="https://www.euronews.com/my-europe/2024/04/24/germanys-scholz-urges-europe-to-do-for-ukraine-as-uk-pm-ups-defence-spending">repeatedly urged</a> Europeans to send more money to Ukraine.As such, the draft budget is a "moral hazard" for the country, Loss said."Just a couple of months ago, Scholz was <a target="_blank" class="" href="https://www.euronews.com/my-europe/2024/04/24/germanys-scholz-urges-europe-to-do-for-ukraine-as-uk-pm-ups-defence-spending">running around Europe</a> badgering other EU leaders to do more for Ukraine just as Germany had done," he said.Other Ukraine allies could now be tempted to make the same arguments and slash their own contributions, he said, adding: "Why shouldn't others follow suit?"

Germany's plan to halve military aid to Ukraine is a gift to Trump, expert says

<ul class="summary-list"><li>Biden and Trump's stances differ dramatically on some major issues like abortion.</li><li>But they're also closer than you might think on other issues, like the war in Gaza.</li></ul>President Joe Biden and former President Donald Trump disagree on most major issues concerning Americans today, like the economy, climate, immigration, abortion, the war in Ukraine, and the war in Gaza.At the top of that list is the economy and inflation — nearly 9 in 10 Americans say these are the most important issues determining who they will vote for in November, according to an <a target="_blank" href="https://www.ipsos.com/en-us/most-americans-say-economy-and-inflation-are-most-important-issues-determining-who-they-will-support-for-president-in-november">ABC News/Ipsos poll</a> in May.But if you're a bit fuzzy on the specific details of each presidential candidate's positions, here's a guide with all the information you need.<h2 id="3cdc8edd-56e9-496c-9e71-5515f51053ff">Biden vs Trump on the economy</h2>With the <a target="_blank" href="https://www.businessinsider.com/average-cost-monthly-household-bills-change-pandemic-covid-rent-mortgage-2024-3">skyrocketing costs of monthly bills</a> like rent and mortgages, health insurance, phone plans, and utilities — it's no surprise that the economy is the biggest issue looming on voters minds this election season.So how does each candidate intend to alleviate Americans' financial woes?In his three and a half years already in office, Biden has done pretty well on the core metrics of a healthy economy. Unemployment has stayed under 4% for the longest period of time since the 1960s, 15 million jobs have been created, <a target="_blank" rel="" href="https://markets.businessinsider.com/news/stocks/dow-40000-what-does-hitting-the-major-milestone-mean-for-investors-1033400640">the Dow hit over 40,000</a> for the first time, and the national economy as a whole is expected to grow at double the rate of its G7 peers.Though the statistics sound good, that doesn't mean Americans are feeling good — a disconnect that <a target="_blank" href="https://www.businessinsider.com/soft-landing-economy-us-on-track-data-cooling-interest-rates-2024-6">one economist calls a "vibecession."</a>As for his 2025 agenda, Biden wants to hike the corporate tax rate, impose a higher corporate minimum tax on billion-dollar companies, and impose a 25% tax on the wealthiest Americans' unrealized income.During Trump's time in office, inflation was about 2% lower on average, and both unemployment and the stock market did well.Trump hasn't been very specific about his economic plans for a second term, but some economists warn that his general ideas could exacerbate inflation.Trump's promise to crack down on illegal immigration could worsen labor shortages, and his proposal to enact a 10% tariff on all imported goods could make items more expensive for consumers. Trump also believes tax cuts and deregulation will fuel economic growth, and he's proposed ending the taxation of tips.<a target="_blank" href="https://www.businessinsider.com/how-to-vote-economy-top-issue-2024-biden-trump-plans">Read more about each candidate's economic stances here.</a><h2 id="a168a081-204d-41f1-8cce-92a164d1e980">Biden vs Trump on the climate</h2>Biden has boasted about the pro-environment policies he's enacted while in office, and he <a target="_blank" href="https://www.businessinsider.com/biden-climate-change-young-voters-environment-greenhouse-emissions-ev-2024-5">hopes his stance will win over young voters</a>.He rejoined the Paris climate agreement, revoked a permit for the Keystone XL oil pipeline, and helped set up new EPA rules that limit vehicle emissions and strengthen the reporting requirements of methane emissions.When Trump took office, he left the Paris climate agreement and rolled back a number of environmental protections on everything from logging to dishwasher efficiency.The former president has also pledged to "stop the war on oil and natural gas," dismantle oil regulations, and end "government interference in energy decisions."<a target="_blank" href="https://www.businessinsider.com/how-to-vote-climate-issue-2024-election-biden-trump-guide">Read more about each candidate's climate positions here.</a><h2 id="e596050c-a7d8-477f-bf68-b3953d0f3872">Biden vs Trump on immigration</h2>Biden and Trump are sharply divided on immigration, as are Americans.Immigration has been one of the toughest issues of Biden's term — he entered office wanting to reverse many of Trump's policies but has since waffled on the issue.Under Biden, border apprehensions hit a record high, which Republicans have blamed on lackluster border security.Earlier this year, Biden hoped a Senate-crafted bipartisan bill on the asylum system would strengthen border security, but Republicans squashed it. At the beginning of June, Biden did make some progress on the issue, signing an executive order restricting asylum protections — to the dismay of many left-leaning immigration advocates.Trump has made immigration a central tenet of both his presidential runs.The former president, who has harshly criticized Biden's immigration policies, was instrumental in getting Republicans to reject the Senate's bipartisan immigration bill earlier this year.He has also promised to carry out the <a target="_blank" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">largest deportation operation in US history</a> if he's elected to a second term, and his allies have reportedly already been drawing up plans to restrict migration at the US-Mexico border.<a target="_blank" href="https://www.businessinsider.com/immigration-border-security-biden-trump-2024-election">Read more about each candidates immigration position here.</a><h2 id="5babbdb3-e719-4329-bc73-60083b807aa9">Biden vs Trump on abortion</h2>Biden has consistently held a pro-abortion position.He's promised to <a target="_blank" href="https://www.businessinsider.com/roe-v-wade-overturn-president-biden-vows-this-is-not-over-2022-6">restore Roe v. Wade</a>, defended access to the <a target="_blank" rel="" href="https://www.businessinsider.com/abortion-pill-women-stockpile-mifepristone-trump-presidency-experts-2024-4">abortion drug mifepristone</a>, pushed through a Pentagon policy that reimburses service members who need to travel for the procedure, and vowed to defend women's legal ability to travel across state lines to get an abortion.Though Trump has bragged about his role overturning Roe, he has also recently tried to skirt around the topic of abortion, arguing that the <a target="_blank" href="https://www.businessinsider.com/trump-said-abortion-bans-should-be-left-states-2024-4">decision should be left to individual states</a>.Trump has also not said how he feels about mifepristone or how he intends to vote on a Florida constitutional amendment that would expand some access to the procedure.<a target="_blank" href="https://www.businessinsider.com/how-to-vote-abortion-top-issue-2024-biden-trump-guide">Read more about each candidate's stance on abortion here.</a><h2 id="ec823c80-2059-478a-be60-8c0f1de34307">Biden vs Trump on the war in Ukraine</h2>The Biden administration has remained in favor of supporting Ukraine financially and militarily, arguing that it's worth the cost to combat Russian aggression and uphold the US-led world order.Biden has also suggested that he wouldn't support a negotiated settlement granting some Ukrainian territory to Russia."Peace looks like making sure Russia never, never, never, never occupies Ukraine," Biden told TIME in a May interview. "That's what peace looks like."Trump's stance on the war is not quite as clear, and his friendliness with Russian President Vladimir Putin has made his views even murkier. He has suggested giving aid to Ukraine in the controversial form of a loan, and has said that the US is doing too much to support the battle-torn country. He's also pledged to end the war if elected, even if that means Ukraine ceding territory to Russia.<a target="_blank" href="https://www.businessinsider.com/how-to-vote-ukraine-top-issue-2024-candidate-guide">Read more about each candidate's stance on the war in Ukraine here.</a><h2 id="fa7c0d97-d794-4e30-9fd9-2daf53351ba2">Biden vs Trump on Israel-Gaza</h2>Biden has consistently defended Israel since the country invaded Gaza last year following Hamas' October 7 attack.Biden has, however, hedged his support of Israel at times.He's called Israel's war tactics "over the top," pushed for a ceasefire, and urged Israel to do more to allow humanitarian aid into the territory.Trump has voiced conflicting messages about the war in Gaza. During an interview in March, he said Israel "made a very big mistake" but also at the same time told the country to "go and do what you have to do."Some of Trump's comments on the topic has also signaled that he could be even more supportive of Israel's war than Biden.<a target="_blank" href="https://www.businessinsider.com/how-to-vote-gaza-top-issue-2024-candidate-guide">Read more about each candidates stance on Israel-Gaza here.</a><h2 id="0565a405-1f5a-4647-b65e-7fc256969d3c">Biden vs Trump on housing</h2>While in office, Biden has pushed a number of policy changes on housing, including the "<a target="_blank" rel="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/16/president-biden-announces-new-actions-to-ease-the-burden-of-housing-costs/">Housing Supply Action" plan.</a> The president has encouraged initiatives to increase the amount of affordable housing, and his fiscal year 2025 budget proposal includes $258 billion for housing initiatives.Biden has also discussed housing issues on the <a target="_blank" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/03/20/remarks-by-president-biden-on-lowering-housing-costs-for-american-families-las-vegas-nv-march-19-2024/">campaign trail</a> and in high-profile speeches like the State of the Union.Trump didn't prioritize the issue while in office, and he proposed substantial cuts to agencies that provide federal housing subsidies, including the Department of Housing and Urban Development.The former president hasn't discussed the issue much during his 2024 campaign so far, though he has promised a crackdown on immigration will provide relief to the housing market. He has said he would said he would "ban urban camping" to deal with homelessness. He also <a target="_blank" href="https://www.businessinsider.com/trump-freedom-cities-build-housing-conservatives-scoff-at-leftist-plan-2023-3">released a video</a> last year saying he would build 10 new American cities on federal land as a way to give American families "a new shot at homeownership." <a target="_blank" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">Read more about each candidates stance on housing</a>

Where Biden and Trump stand on major issues like the economy, Ukraine, and immigration

<ul class="summary-list"><li>Jon Stewart came out swinging on Monday about how he thinks the POTUS race has devolved.</li><li>Stewart said it's now "boiled down to each candidate accusing the other of having soup where there should be brain."</li></ul>Jon Stewart isn't mincing words about how he thinks the 2024 presidential race has devolved into mud-slinging about the state of each candidate's cognitive abilities.In his Monday monologue on "The Daily Show," Stewart kicked off his segment by giving a "quick state of play.""I guess the election has basically boiled down to each candidate accusing the other of having soup where there should be brain," Stewart quipped.Stewart, 61 years old, then went on to do something that got him plenty of flak back in February when he first started doing Mondays at the Comedy Central show: <a target="_blank" href="https://www.businessinsider.com/jon-stewart-daily-show-joe-biden-donald-trump-age-2024-2">He called out both President Joe Biden and former President Donald Trump for their advanced ages.</a>Biden is 81, and Trump is 78."For instance, for President Biden, it is his habit of seemingly staring at what can only be considered ghosts or out-of-frame paratroopers," Stewart said as an embarrassing <a target="_blank" href="https://www.youtube.com/watch?v=pKtudwc9Y-0">clip of Biden appearing to wander off at the G7 summit</a> played. "And then when he's pulled back into frame, somehow giving the impression someone has just quantum leaped into his body."Stewart also slammed Trump, commenting on how Trump recently crowed about having great cognitive abilities at a GOP event."The case he's making to the American public is that he's the sharpest tool in the shed. See if you can find the flaw in his logic just one sentence later," Stewart said.The show then played a clip of Trump bragging about acing a cognitive test — then getting the name of the doctor who gave him that test wrong."I took a cognitive test, and I aced it. Doc Ronny — Doc Ronny Johnson," Trump said, garbling then-White House physician Ronny Jackson's name. "Does everyone know Ronny Johnson, congressman from Texas? He was the White House doctor.""He got the guy's name wrong on his cognitive test," Stewart said, laughing. "I don't even know what to say."Stewart, in a February episode of "The Daily Show," also expressed his concern about the candidates' advanced ages."The stakes of this election don't make Donald Trump's opponent less subject to scrutiny. It actually makes him more subject to scrutiny," Stewart said in February.But <a target="_blank" href="https://www.businessinsider.com/jon-stewart-potential-disaster-democracy-donald-trump-niece-mary-trump-2024-2">Stewart's critics</a> pummeled him and said he'd unfairly equated the aging president with his opponent, a <a target="_blank" href="https://www.businessinsider.com/donald-trump-key-cases-civil-criminal-investigations-lawsuits-updates-2022-7">four-times indicted</a>, <a target="_blank" href="https://www.businessinsider.com/trump-guilty-verdict-what-it-means-hush-money-felon-sentencing-2024-05#:~:text=In%20a%20historic%20verdict%2C%20former,has%20become%20a%20convicted%20felon.">now-convicted felon</a>.Trump and Biden are set to <a target="_blank" href="https://www.businessinsider.com/biden-trump-presidential-debate-2020-redux-election-rules-2024-6">face off on stage in the first presidential debate of 2024</a>. This debate will be hosted on CNN on June 27 at the network's Atlanta studio.Representatives for Trump and Biden did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

Jon Stewart says the POTUS race is boiling down to Biden and Trump accusing the other of 'having soup where there should be brain'

<ul class="summary-list"><li>Donald Trump called for Joe Biden to take a cognitive test but misnamed the doctor who tested him.</li><li>Trump referred to Republican Rep. Ronny Jackson of Texas as "Doc. Ronny Johnson."</li></ul>Donald Trump told supporters that President Joe Biden should be forced to take a cognitive test but then confused the name of the doctor who performed the test on him in 2018.Speaking at a Turning Point Action convention in Detroit on Saturday, Trump said: "He doesn't even know what the word 'inflation' means. I think he should take a cognitive test like I did."But a moment later, the former president referred to Republican Rep. Ronny Jackson of Texas, who was the White House physician from 2013 to 2018, as "Doc. Ronny Johnson.""Doc. Ronny Johnson. Does everyone know Ronny Johnson, congressman from Texas? He was the White House doctor, and he said I was the healthiest president, he feels, in history, so I liked him very much indeed immediately," Trump said.<a target="_blank" href="https://www.businessinsider.com/trump-score-on-montreal-cognitive-assessment-dementia-and-alzheimers-2018-1">Trump took a cognitive test in 2018</a>, after which Jackson said he spotted "no issues whatsoever" with Trump's mental ability, adding that he was "very sharp" and "articulate" and that he got a perfect score on a gold-standard dementia test.On Friday, the Trump campaign branded Biden a "<a target="_blank" href="https://www.donaldjtrump.com/news/647f0d74-6170-4bf9-855c-c3a0fcdd05d3">brain-dead zombie</a>" after a video appeared to show him wandering off from leaders at the G7 summit this week."From Italy to the United Kingdom to New York, millions of people around the world woke up to headlines about crooked Joe Biden's cognitive decline on full display at the G7 Summit," Karoline Leavitt, Trump's spokesperson, said.<a target="_blank" href="https://x.com/america_mad/status/1801307831678779828?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1801307831678779828%7Ctwgr%5E1f512bc5506d523246a539c5d885cdb34fb01e31%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmuse.insider.com%2Fstory%2F666eb9cfb38735ca9df0c4fe">The video later turned out to be cropped</a>, and a wider angle of the same scene showed the president had turned to face a skydiver who had just landed.The video, shared widely across right-wing media platforms, came after the Biden campaign acknowledged Trump's 78th birthday this week with a scathing statement that included 78 things Trump did this year, including a host of felony convictions.<a target="_blank" href="https://x.com/BidenHQ/status/1801623570964959442">James Singer</a>, a Biden campaign spokesperson, said: "Happy birthday, Donald. You're a crook, a failure, a fraud, and a threat to our democracy, economy, rights, and future."

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The leaders at this year's G7 summit look weaker than ever

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The EU may be prepping to lend Ukraine up to $45 billion — with or without the US

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Where Biden and Trump stand on major issues like the economy, Ukraine, and immigration

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